Qantas looks to be flying high once again, with the airline chalking up a $367 million pre-tax profit over the July-December 2014 period.
The numbers represent a dramatic recovery from the same period one year ago, when Qantas reported a $252 million loss, which by August 2014 had become a $646 million sinkhole for the full 2013-2014 financial year.
Lower fuel costs contributed $33 million to the half-year haul, although Qantas says the bulk of the gains were driven by first fruits of the wide-reaching ‘transformation’ project designed to strip out $2 billion in costs by 2018.
This alone is tagged as delivering a $374 million benefit towards the bottom line.
Also helping the Red Roo turn back a rising tide of red ink are higher passengers numbers and revenue following a cease-fire in the 'capacity war' between Qantas and Virgin Australia.
Qantas Group CEO Alan Joyce welcomed the figures, saying "Our people have worked hard and made a huge contribution to bring about the change we need. They deserve great credit for this result."
"The decisive factor in our best half-year result for four years was our complete focus on the Qantas Transformation program," Joyce added.
"What sets this transformation apart is that we are reducing costs permanently while at the same time delivering Qantas’ best ever fleet, product and service."
The Qantas Frequent Flyer scheme tipped another record contribution into the kitty with $160 million pretax profit, representing a 10% growth. The program now boasts a total membership of 10.5 million.
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